Tano North MP and Deputy Ranking Member of Parliament’s Finance Committee, Dr Gideon Boako, has refuted claims that the Bank of Ghana’s (BoG) 2024 losses are due to the Gold-for-Oil programme. 

According to Dr Boako, the central bank’s losses primarily stem from operational functions, particularly its Open Market Operations (OMO)—and a deliberate change in accounting policy approved by the BoG board.

In a detailed statement released on Thursday, Dr Boako explained that the shift in accounting treatment, which moved exchange losses, gold revaluation and asset movements from the operating account to Other Comprehensive Income (OCI), was politically driven. 

“This new board was unwilling to acknowledge a profit,” he said, adding that “they have reported an operating loss but a gain in OCI.”

Dr Boako argued that despite a reported loss, the BoG’s negative equity has actually decreased—an indication of financial recovery, not failure. 

“In 2023, BoG incurred a loss, which added to the negative equity.

However, in 2024, a loss was reported, but negative equity has decreased,” he noted, suggesting that the narrative of continuous mismanagement is misleading.

He warned that the public must not be misled by politicised interpretations of financial data and called for consistency in accounting principles. 

“This change in accounting policy must apply to 2025.

Therefore, we will closely monitor the situation,” he concluded, urging transparency and professionalism in the Bank’s future reporting.